Dogs dominate the meme world! Data shows: What are the chances of catching a 100 million gold dog?

Question

The meme coin has become an important business card for the encryption world, full of wealth stories and hot topics. On the other hand, meme culture has become increasingly complex with the influx of a large amount of funds, and the speculation angle has even shifted from internet hotspots to various abstract cultures. For many people who aspire to find the code of wealth in this market, it seems to have entered an epic level of difficulty to understand.

Compared to the persistent enthusiasm, the meme race still lacks some macroeconomic tools to analyze the overall development. People seem to be more obsessed with the excitement of PVP, but rarely think about which memes are more likely to go viral, or what characteristics are behind the top memes.

PANews uses the overall data of memes to restore the truth of the head memes.

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The dog series meme becomes the ultimate winner

As of November 21st, there are a total of 32 meme coins with a market capitalization of over 100 million on Solana on-chain. The meme coin with the highest market capitalization is $BONK, an issuance of dog-themed tokens in 2023.

PANews divides these Tokens as follows: encryption native (encryption original content), frog series (PEPE similar), cat, dog, internet hotspot (from TIKTOK or other internet social hotspots), AI, DeSci.

According to this classification, we can see that among the memes with a market cap of 100 million US dollars, the number of internet hotspots and cat series tokens is the highest, with 8 and 7 respectively. The number of AI-themed tokens is 6. However, in terms of the total market cap, the total market cap of the dog series theme memes is the highest, reaching 7.206 billion US dollars, accounting for 42% of the total market cap.

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The market value of the Cat token series is approximately $3.224 billion. From this perspective, the Cat vs. Dog battle currently leads the DOGE series.

AI triggers the meme 'October Revolution'

In addition to the comparison of Market Cap, the overall market's heat can be seen over time. The chart below compares the issuance time of memes Tokens with a Market Cap of over 100 million US dollars. From this comparison, it is significant to see the significant thematic preferences in the meme market within each time period.

The DOGE series of Tokens is the earliest series on Solana on-chain to become famous, with most issuances concentrated in 2023. From November 2023 until today, there are still three DOGE series memes with a Market Cap of over $100 million, with $BONK ranking close to $4 billion and holding a prominent position among Solana on-chain memes. $WIF ranks second on Solana. It appears that the DOGE series is still the most popular material in the meme world.

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The cat series appeared later than the dog series, but the popularity seems to have been maintained until September, during which cat series tokens have been constantly becoming the new favorite meme. Overall, from April to May, it can be said that the market on Solana is dominated by cats. However, the average Market Cap of the cat series reached 1.295 billion US dollars, second only to the dog series. This also indirectly indicates that the cat-dog war is still the biggest winner on Solana.

October was the month with the highest meme heat for Solana, giving birth to the most meme coins with a Market Cap of over 100 million, a total of 11 memes with a Market Cap of over 100 million US dollars were born in October, with the highest proportion being AI series and internet hotspots. The tokens represented in this month are $MOODENG (internet hotspot) and $GOAT (AI).

In the overall hot cryptocurrency market in November, although the perspective of memes changes every day, it seems that there has not yet formed a strong momentum. In November, there are 3 tokens with a market capitalization of over 100 million, still mainly focused on AI and Internet hotspots. And in recent days, the perspective of the highly controversial DeSci, only one token, $RIF, has a market capitalization of over 100 million. The most eye-catching in November is undoubtedly Pnut, which, with the assistance of Musk and Binance, has become the youngest token with a market capitalization of 1 billion dollars.

In terms of overall time span, the highest on-chain market capitalization memes on Solana are still those Tokens with early issuance times. Among the top ten Tokens, only Pnut has an issuance time of less than one month. Perhaps, from this perspective, most of the top Tokens need to go through the sedimentation and consensus of time.

A sufficient capital pool allows the Frog series to have a place.

When looking for the reasons why these tokens can maintain a market cap of over 100 million US dollars, PANews found some unique phenomena that may explain the problem. In terms of overall market cap and social media popularity, the tokens in the frog series do not seem to be popular, but there are still three frog series tokens with a market cap of over 100 million US dollars.

By observing the liquidity of all these tokens, it can be found that the Frog series of tokens has the largest liquidity pool, with the liquidity pool of three tokens exceeding all other series, reaching 179 million, with an average of 59.9 million US dollars per frog liquidity pool, and the average liquidity pool/market cap ratio is 11.53%. Sufficient liquidity may be evidence of large capital persistence. From the average value perspective, the liquidity pool of the AI series seems to be the thinnest (except for DeSci), only 7.03 million US dollars, and the liquidity pool/market cap ratio is only 1.49%. It may be difficult to maintain such liquidity for a longer period. However, from the current perspective, the AI series seems to still be in the stage of competition among the strong, and large capital has not yet been invested in the liquidity pool.

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Capture one out of every six, a 100 million gold dog

So, how many Tokens can actually emerge as real meme gold mines? As of November 21, Pump.fun has issued a total of 3.59 million Tokens, a magnitude that far exceeds the total Token issuance in the encryption world over the past 10 years. Among them, the number of Tokens graduated (fully on the curve Raydium) is 50,389, accounting for approximately 1.4%. The number of Tokens with a Market Cap of over 10 million USD is 32, and the number of meme coins with a Market Cap of 10 million to 100 million USD is 154, with a probability of approximately 0.00089%, less than one in a hundred thousand. The proportion of graduated Tokens is about one in ten thousand. The number of Tokens with a Market Cap of 1 million to 10 million is 396, accounting for 0.79% of graduated Tokens; the number of Tokens with a Market Cap of 10 million to 100 million USD is 150, accounting for 0.29% of graduated Tokens.

From the perspective of this data proportion, the probability of obtaining a wealth password and making a profit is not much different from buying lottery tickets. However, it seems to be higher than the probability of winning the first prize in the lottery (approximately one in 17.72 million). No wonder the encryption community refers to meme investment as lottery-style investment.

Besides Solana, what other public chains are also popular?

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In our impression, Ethereum and BSC chains were once meme playgrounds. Based on current data, besides Solana, the prosperity of the Base chain seems to be quietly happening.

In terms of quantity, the number of memes on Base between 1 million and 10 million reached 121, second only to Solana, while BSC is more concentrated between 10 million and 100 million, becoming a gathering place for memes in the middle. Ethereum remains the place with the most top memes besides Solana, with a total of 16 memes with over 100 million. Among them, the highest market capitalization is PEPE, reaching 8.74 billion US dollars, which is the highest market capitalization meme among the chains analyzed (DOGE and Shiba Inu coins are not included here). Overall, on Coingecko, among the top 100 Tokens by Market Cap, 11 are memes.

To have a more in-depth discussion on the development and methodology of meme coins, PANews will launch a series of Depth content next, analyzing the chip data of the top meme coin projects in different categories.

Are there a lot of rat trading memes that have become gold mines? How long can early chips be held? Large Investors strive to use data to restore the true financial truth of these memes in terms of when they build positions and so on. Welcome to continue to follow!

【Disclaimer】There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, perspectives, or conclusions in this article are suitable for their specific circumstances. Invest at your own risk.

This article is authorized to be reprinted from: "PANews"

Original author: Frank, PANews

'Dogs dominate the meme world! Data shows: What are the odds of catching 100 million gold dogs?' This article was first published in 'encryption city'